Word: debts
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...cash infusion to help pay off the DIP loans. But if a company can't reorganize in 210 days, and is forced to cancel its leases, it won't have a place to sell its goods. No sale means no cash, and the banks will be stuck with toxic debt. Faced with this tight time frame, the banks might not risk a DIP financing even when things are flush; in down times, forget about it. Once bankrupt and unable to find a buyer, a company must dissolve immediately, and recoup what it can through liquidation. "Retailers can't get access...
...separate its retail banking business from the risky assets dragging it down. Citi may be taking on water faster than it can dump it out, but Parsons is no stranger to financial struggle. When he took over AOL Time Warner in 2003, the media conglomerate was $27 billion in debt and the Securities & Exchange Commission had taken a keen interest in America Online's premerger accounting practices - basically, the company was the Wall Street equivalent of the dorky kid whom nobody sat next to at lunch. Parsons had some success at Time Warner - he removed 'AOL' from the company...
With that growth came near disaster, as big loans to Cuban sugar planters went bad. What saved the bank was the salesmanship of Charles E. Mitchell, head of City's securities arm, who repackaged the bad Cuban debt--and went on in the 1920s to find ever more creative ways to sell securities and lend to the burgeoning middle class. Mitchell, who became president of the bank in 1921, built City into the first financial supermarket. When everything financial turned toxic in the early 1930s, he became the most prominent scapegoat for the disaster. He was the main target...
...bubble; it helped build a foreign policy bubble as well. After 9/11, it acted as if America's power were virtually unlimited: our resources were infinite; our military was unstoppable; our ideology was sweeping the world. Bush and Dick Cheney were like homeowners who took on more and more debt, certain that they could cover it because the value of their home would forever rise. They toppled regimes in two countries with little history of competent, representative government. They defined the war on terrorism so broadly that it put the U.S. in conflict not only with al-Qaeda but also...
...capacity to carry them out. And now the power bubble has popped. Militarily, savvy and savage guerrilla movements have learned how to bleed us of money, lives and limbs. Economically, resources are scarce; it's hard to pay to transform the Middle East when we're deep in debt trying to prop up the Midwest. And ideologically, democracy no longer looks like the inevitable destination of all humankind...